Growing interest for mining investments

16 Sep, 2020 - 19:09 0 Views
Growing interest for mining investments

The Sunday Mail

Sunday Mail Reporter

ZIMBABWE has managed to attract many investors into the mining sector and continues to receive interest from United States of America, Britain, India and China, from which most investors are coming from, the Deputy Minister of Mines and Mining Development, Honourable Polite Kambamura, has said.

However, engagement continues to be shaped by mutual interest and benefit.

Speaking to Sunday Mail Online, Hon Kambamura said the decision to re-engage Anjin Diamond Mining Company – which used to generate US$200 million per year from its venture before stopping operations in 2016 – to mine in Chiadzwa was driven by the need to get the maximum possible benefit from exploitation of the precious stones.

Russia’s Alrosa, which is the world’s largest diamond producer, is also a new entrant in the sector.

“The Chinese company was taken on board in line with the diamond policy, which allows the Zimbabwe Consolidated Diamond Company, Murowa Diamonds, Alrosa and Anjin to mine diamonds in the country,” he said.

“We are looking at re-opening closed mines, capacitation of some companies in the mining sector. We are open for business, as the President has said.”

Government, he said, was conducting due diligence on all investors in line with international best practices.

“The re-engagement policy is paying off as we are attracting serious investors from the United States, Britain and India. The President has an open-door policy and investors are free to come to Zimbabwe and engage us. The Government wants investments in the country,” he added.

Significant progress has reportedly been made on two new major platinum projects by Great Dyke Investments and Karo Resources.

The mining sector is forecast to grow to a US$12 billion industry by 2023.

“We are busy focusing on the roadmap to achieve the US$12 billion mining industry in the next three years, hence we are not just looking at diamond mining but other minerals like platinum, chrome, gold and nickel . . .” he said.

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